Payday Loans or Cash Advances
A payday loan is a short-term unsecured loan with a variable amount of up to $2500. Payday loans, also called cash advances, are due for a month or until the borrower’s next payday, thus the term “payday loan.” Interest rates for such loans are often high because of the short term of the loan. The lenders usually charge $15-$20 per $100 borrowed. APR (annual percentage rate) charged from borrowers ranges from 391% to more than 521% for payday loans. Although, there are states where specific laws set caps on the APR that a lender can charge.
However, payday loans are sometimes lifesavers when an emergency pops up, and we have no savings at hand.
Swift Money Payday Loans
Generally, the payday loan application process and approval take a few hours, and money is sometimes transferred within one business day. However, there are also so-called “swift payday loans” provided by lenders who offer the quickest and most efficient loan processing services.
Swift payday loans can be obtained in as little as 10 minutes. Productivity is primarily achieved due to online applications that do not require extensive information and paperwork. This utterly online processing shortens the procedure immensely.
Swift Payday Loan Application Processing
Applications for swift payday loans are easy to complete. They require personal information, including date of birth, home address, email address, phone number, social security number, government-issued ID, income source, and an active banking account.
Note that borrowers must be at least 18 years of age, legal residents of the USA, and have a stable income.
The application process is entirely online for your convenience. There is no need to leave your place. Decisions are swift, and if approved, money is directly deposited into your bank account.
Swift Collateral-free Payday Loans
Collateral is an asset or a valuable possession that the borrowers should bring as a guarantee against the loan. Swift payday loans are unsecured loans and do not require collateral. Borrowers should not bring anything such as a car or a house as a pledge.
Swift Payday Loans for Bad Credit
Have you ever tried to take a loan from traditional banks with your imperfect credit scores? It is hardly possible. Swift payday loans have very high acceptance rates reaching up to 95% regardless of the borrower’s credit score. The thing is that online lenders rarely run a hard pull, thus making bad credit holders eligible for swift money.
What Are Swift Payday Loans Used for?
Financial trouble is sometimes rough to take on without extra assistance. With swift payday loans, you can be sure to accomplish financial goals such as
- Car repairs
- Medical bills
- Regular living expenses
- Unexpected expenses
- Short vacation
- Urgent purchase.
Nowadays, some people keep a nest egg to overcome challenging financial situations, while others cannot share a significant amount of their income for emergency funds. In such cases, online swift payday loans rush to help and alleviate harrowing financial experiences.